🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Vitalik Buterin Shares New Ethereum Vision

Published 01/21/2024, 09:28 AM
Updated 01/21/2024, 09:32 AM
© Reuters Vitalik Buterin Shares New Ethereum Vision

U.Today - Vitalik Buterin has voiced a new vision for the Ethereum platform that seeks to address its most pressing challenges and leverage emerging technologies to reinvent Ethereum’s infrastructure. Central to this vision is a renewed focus on scalability and privacy, fueled by the development of layer-2 solutions and novel privacy technologies.

Buterin acknowledges probably the biggest issue on the network right now – high fees. This barrier has not only hindered widespread adoption but also skewed the network toward financial applications, as only users with significant resources can afford to transact during peak times. The proposed solution to this predicament lies in the advancement of rollups. Rollups perform transaction execution outside the main Ethereum chain (layer 1) but post transaction data to layer 1, thereby enhancing the network’s capacity while retaining its security.

Source: Vitalik.ethThe advent of rollups, particularly optimistic and zero-knowledge rollups, has been a primary way of reducing fees on the network. These rollups promise to execute a large number of transactions at a fraction of the cost currently required on the main chain, potentially lowering the entry barrier for new users and diverse applications.

Account abstraction is another key component of Buterin's vision. It represents a shift in how user accounts and transactions are managed, offering a more flexible and user-friendly model that could open up new possibilities for application developers.

Light clients, which have been on the backburner for some time, are now closer to fruition. Their role is crucial for enabling users to interact with the Ethereum network without running full nodes, thereby lowering the technical barriers to entry and participation.

The most groundbreaking development highlighted by Buterin is the practical application of zero-knowledge proofs (ZKPs). Once considered a distant future technology, ZKPs are now increasingly developer-friendly and on the verge of consumer application. This technology could revolutionize privacy and scalability on Ethereum by allowing users to validate transactions without revealing underlying information.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.